2 Americans, 1 British-Cypriot Win Econ Nobel Prize

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Americans Peter Diamond and Dale Mortensen and Christopher Pissarides, a British and Cypriot citizen, have won the 2010 Nobel economics prize.

The Royal Swedish Academy of Sciences says they won the prestigious award “for their analysis of markets with search frictions.”

“The laureates’ models help us understand the ways in which unemployment, job vacancies and wages are affected by regulation and economic policy,” the citation said.

Diamond, 70, is an economist at the Massachusetts Institute of Technology, and an authority on Social Security, pensions and taxation.

President Barack Obama has nominated Diamond to become a member of the Federal Reserve. However, the Senate failed to approve his nomination before lawmakers left to campaign for the midterm congressional elections.

Mortensen, 71, is an economics professor at Northwestern University in Evanston, Illinois, and Pissarides, 62, is a professor at the London School of Economics.